Rail Land Development Authority (RLDA) has invited bids for grant of lease for the redevelopment of 2.18 Ha of Boulevard Road Railway Colony in New Delhi for 99 Years. The Railway Colony is located along Lala Hardev Sahai Marg / GT Karnal Road near Tis Hazari Metro Station, ISBT Kashmere Gate and Rani Jhansi Flyover, New Delhi. The site is only 2.5 km away from the Old Delhi Railway Station and 7 km from the New Delhi Railway Station. The main access to the site is through Lala Hardev Sahai Marg that has a divided carriageway with ROW for about 30 m. The Tis Hazari Metro Station is located adjacent to the site.
Due to proximity to the Ring Road, the site is also well connected to the peripheral developments in Gurgaon and Noida. The immediate influence zone of the site would extend to approximately five to seven km radius, encompassing parts of Central and North Delhi.
Boulevard Road Railway Colony site will be redeveloped in accordance with Delhi Master Plan-2021 (MPD-2021). Being in the upscale bungalow zone of New Delhi, the prescribed FSI for the subject site is 0.75 as per Delhi Master Plan-2021. Existing land use of the site as per MPD-2021 is Residential, falling in Zone C. The leasable land area is 21,800 sqm. with the Reserve Price fixed as Rs 393 Crore.
“The land parcel at Boulevard Road has immense potential for premium segment residential development. The site is strategically located with accessibility to prominent landmarks such as the railway station, Tis Hazari Metro Station, ISBT Kashmere Gate, among others. The development will enhance its prospects and offer a good return on investment to developers,” said Shri Ved Parkash Dudeja, Vice-Chairman, Rail Land Development Authority.
The last date of submission of the bid 27th January 2021. The online pre-bid meeting is slated to take place on 17th December 2020. The bid variable for the project is the Upfront Lease Premium that is to be paid in five instalments in four years. The award of lease shall be through a transparent online bid process, wherein the highest Bid fulfilling stipulated technical and financial eligibility criteria shall be considered.
Rail Land Development Authority (RLDA) is a statutory body under the Ministry of Railways for the development of Railway land. It has four key mandates as a part of its development plan, namely leasing of commercial sites/Residential sites, colony redevelopment, station redevelopment and multi-functional complexes. RLDA is currently handling 84 railway colony redevelopment projects and has recently leased out a railway colony in Guwahati for redevelopment.
The Indian Railways has approximately 43,000 hectares of vacant land across India of which RLDA has 92 commercial (Greenfield) sites across India for leasing to the eligible developers. RLDA is also working on redevelopment of 62 stations in a phased manner while its subsidiary, IRSDC has taken up another 61 stations. In the first phase, RLDA has prioritized prominent stations like New Delhi, Gomti Nagar, Tirupati, Dehradun, Nellore, and Puducherry for redevelopment. The railway stations across India will be redeveloped on a PPP Model as a part of Smart City Projects launched by the Government of India.